Western

Nelson Partners Acquires 977-Bed Student Housing Community Near University of Arizona for $200M

by Amy Works January 29, 2020

TUCSON, ARIZ. — Nelson Partners Student Housing has acquired Sol y Luna, a 977-bed student housing community serving the University of Arizona in Tucson, for $200 million. The 14-story property was developed in 2013, and features 341 units alongside 9,140 square feet of retail space. The community offers one-, two-, three-, four- and five-bedroom, fully furnished apartments. Shared amenities include an outdoor television lounge, rooftop pool, hot tub, steam room, fitness center, yoga and dance studio, outdoor study area, computer lounge and private study spaces. TSB Realty brokered the acquisition of the community. The seller in the transaction was undisclosed.

January 29, 2020

Acquisitions Colorado Multifamily Western

CBRE Brokers $46.2M Sale of Torrey Pines Apartment Complex in Denver

by Amy Works January 29, 2020

DENVER — CBRE has arranged the sale of Torrey Pines, a multifamily property located at 7575 E. Arkansas Ave. in Denver. Greenwood Village, Colo.-based Vukota Capital sold the asset to Los Angeles-based Marble Partners for $46.2 million. Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller in the deal. Built in 1980, the 15-building community features 203,640 square feet of rentable space across 235 apartments. Community amenities include 58 covered parking spaces, 353 open parking spaces, a clubhouse, fitness center, swimming pool and fenced dog park.

January 29, 2020

Summerset-Senior-Living-Rancho-Cordova-CA

California Loans Multifamily Seniors Housing Western

Marcus & Millichap Arranges $27M Refinancing for Seniors Housing Community Near Sacramento

by Amy Works January 29, 2020

RANCHO CORDOVA, CALIF. — Marcus & Millichap Capital Corp. has arranged the $27 million refinancing of a 137-bed seniors housing asset in Rancho Cordova, a suburb of Sacramento. The 80,000-square-foot property, one of Summerset Senior Living’s two locations, offers assisted living and memory care. It was built in 2016. The new loan replaces $17 million in bridge financing that Marcus & Millichap also arranged. The refinancing features a 10-year term and a fixed rate. The lender was not disclosed.

January 29, 2020

Acquisitions California Office Western

Buchanan Street Partners Buys 99,716 SF Newark Tech Park in Bay Area

by Amy Works January 29, 2020

NEWARK, CALIF. — Buchanan Street Partners has purchased Newark Tech Park, an office and life sciences asset in Newark. New York-based Time Equities sold the property for $26.2 million. Located at 8000 and 8100 Jarvis Ave., the two-building project features 99,716 square feet of space. Built in 2001, the park offers efficient floor plates, 16-foor clear heights and building spaces that can accommodate tech and biotech space. Buchanan financed the acquisition through assuming an in-place CMBS loan on the building at 8000 Jarvis Ave. and secured a new bank loan for the building at 8100 Jarvis Ave. Peter Thompson of JLL assisted with the bank financing. Grant Lammersen, Steve Golubchik, Tyler Myerdirk and Edmund Najera of Newmark Knight Frank represented the seller in the transaction.

January 29, 2020

Acquisitions Arizona Retail Western

TriGate Capital Sells Crossroads at Tolleson Shopping Center in Arizona for $24.5M

by Amy Works January 29, 2020

TOLLESON, ARIZ. — TriGate Capital has completed the sale of Crossroads at Tolleson, a regional shopping center located at 9897 W. McDowell Road in Tolleson. An undisclosed buyer acquired the asset for $24.5 million, or $248 per square foot. At the time of sale, the 98,598-square-foot center was 96 percent leased by a variety of tenants. Current retailers include NAPA Auto Parts, Sherwin-Williams, Cricket Wireless, Sprint, Verizon, OneMain Financial, DXL and Firehouse Subs. Chad Tiedeman and Steven Underwood of Phoenix Commercial Advisors represented the seller in the deal. Zach Pace, Nick DeDona and Drew Butler, also of Phoenix Commercial Advisors, handled leasing for the property.

January 29, 2020

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Millennials Move the Multifamily Market — But is Their Reign Almost Over?

by Sarah Daniels January 29, 2020

Gregg Gerken, head of U.S. Commercial Real Estate at TD Bank, appreciates what millennials have done for the nation’s multifamily market. Factors contributing to multifamily’s success in recent years include millennials’ desire to live close to where they work and play, their tendency to delay marriage and kids and their social preferences that often involve roommates or the sharing economy. However, millennials are growing up — and many are aging out of the rental market. For many, those delayed life milestones are upon them. Other generations are waiting in the wings, but will they be enough to sustain the current level of multifamily supply and demand? Gerken tackles all of this and more in the Q&A below. Finance Insight (FI): Multifamily has been a strong performer for a while now. Do you expect this to continue in 2020 and beyond, particularly as millennials start to enter their traditional marrying and childbearing years? Gerken: For 2020, multifamily will continue to be a strong performer. When you look at the long-term demographic trends, however, this activity will trail off a bit as the millennial generation starts to age out of the key renter cohort, which is between the ages of 25 and …

January 29, 2020

Acquisitions Arizona Development Hospitality Western

PEG Cos., A.G. Hills Partners Buy Luhrs Building in Phoenix for Hotel Conversion

by Amy Works January 28, 2020

PHOENIX — Provo, Utah-based PEG Cos. and Dallas-based A.G. Hill Partners have acquired the Luhrs Building, a 10-story historic office property located at 11 W. Jefferson St. in downtown Phoenix. Lincoln Property Co. (LPC) sold the asset for $14 million. PEG plans to renovate 92,000 square feet of the 108,000-square-foot Luhrs Building into an upscale hotel. The redevelopment will convert floors one through nine into hotel rooms, while Hagens Berman Law Firm will continue to occupy the top floor. Additionally, Bitter & Twisted Cocktail Parlour will remain open and occupy ground-floor space during the construction. LPC will maintain ownership of the balance of Luhrs City Center, which includes the 14-story Luhrs Tower office building, an adjacent six-story parking garage and 15,995 square feet of fully renovated, ground-floor retail space called The Arcade that is occupied by La Madeline, Serafina Coffee Bar and Monroe’s Chicken. Bill Murney of Hospitality Real Estate Counselors brokered the sale transaction. A.G. Hill Partners serves as PEG’s main investment partner for the conversion.

January 28, 2020

Acquisitions California Industrial Western

NKF Negotiates $10.5M Sale of Fully Occupied Industrial Building in Los Angeles

by Amy Works January 28, 2020

LOS ANGELES — Newmark Knight Frank (NKF) has brokered the sale of an industrial property located within Northridge Business Centre at 19851-19853 Nordhoff St. in the Northridge submarket of Los Angeles. GUR Nordhoff sold the asset to Century Park Partners for $10.5 million. Built in 2007 by Overton Moore Properties, the 22,237-square-foot asset features 18-foot clear heights, five grade-level doors and a secure, fenced yard. The U.S. General Services Administration occupies the entire building on a long-term lease. Sean Fulp, Ryan Plummer and Mark Schuessler of NKF’s Private Capital group, along with Kevin Shannon and Ken White of NKF’s Capital Markets, represented the seller, while the buyer was self-represented in the deal.

January 28, 2020

Acquisitions Arizona Multifamily Western

Green Leaf Partners Sells 256-Unit Arrowhead Ranch Multifamily Asset in Glendale, Arizona

by Amy Works January 28, 2020

GLENDALE, ARIZ. — Green Leaf Partners has completed the sale of Green Leaf Arrowhead Ranch, an apartment property in Glendale. Baron Properties acquired the asset for an undisclosed price. Developed in 1996 within the five-phase, master-planned Arrowhead Ranch community, the property is located at the intersection of Loop 101 and 67th Avenue. The 15-building property features 256 apartments, two resort-style swimming pools, a 24-hour fitness center, covered parking and detached garages. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

January 28, 2020

Acquisitions California Retail Western

SRS Brokers $9M Acquisition of Sorrento Plaza Retail Center in San Diego

by Amy Works January 28, 2020

SAN DIEGO — SRS Real Estate Partners’ National Net Lease Group has arranged the purchase of Sorrento Plaza, a shopping center located in the Sorrento Valley submarket of San Diego. A Northern California-based private investor acquired the asset from Wells Fargo, as the successor trustee, for $9 million, or $756 per square foot. Built in 2007, the 11,901-square-foot property is located at 9254 Scranton Road. At the time of acquisition a variety of tenants fully occupied the property, including Subway, Rubio’s Coastal Grill, Opera Patisserie, Croutons and a dental clinic. Sam Hanna of SRS’ National Net Lease Group represented the buyer, while Rick Puttkammer and Bill Rose of Marcus & Millichap represented the seller in the deal.

January 28, 2020

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